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Query: What is value of taxable amount in case of Gift of immovable property at less than its stamp duty value

Category: Income Tax

Answer: In case of gift of prescribed immovable property at less than its stamp duty value, if the difference between the aggregate stamp duty value and the actual consideration charged is more than higher of Rs. 50000 or 5% of actual consideration charged. Then the total difference between stamp duty value & actual consideration would be chargeable to tax. Here the limit of 50000 is just to determine chargeability, it’s not a deduction, if the stamp duty value of gifted immovable property is Rs. 25 lakh and the actual consideration charged is Rs. 20 lakh and the calculation of chargeable amount would be done as follows: - Difference between stamp duty value & actual consideration = (25-20 )= 5 lakh The 5% of actual consideration = 20*5% = 1 lahk The higher of 50000 or 1 lakh = 1 lakh Since the difference between stamp duty value & actual consideration is more than higher of 50000 or 1 lakh, the entire difference of 5 lakh is chargeable to tax as other income under the head income from other sources.

Date Posted 29-Dec-2019
Posted By Kumar Prakash
Views: 924



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